Title
AN ORDINANCE AMENDING THE 2012 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO BY APPROPRIATING A PORTION OF THE UNENCUMBERED FUND BALANCE IN THE GENERAL FUND FOR A LOAN TO THE URBAN RENEWAL AUTHORITY OF THE CITY OF COMMERCE CITY, AND AUTHORIZING THE EXPENDITURE THEREOF BY THE URBAN RENEWAL AUTHORITY.
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Summary and Background Information:
The City and the Authority entered into an Intergovernmental Agreement dated August 1, 2011 to provide for the purchase of the Property at 6200 and 6210 Dahlia Street, Commerce City, Colorado (the "Property"); and the Authority desires to effect environmental abatement and demolition of structures on the previously purchase the Property; and the Authority desires that the City make an additional loan to the Authority in the amount of Two Million, Five Hundred Thousand Dollars ($2,500,000.00) (the "Loan") to enable the Authority to effect environmental abatement and demolition of structures on the previously purchased Property and finance other uses authorized by the Executive Director of the Urban Renewal Authority to support the activities of the Urban Renewal Authority of the City of Commerce City; and the City is agreeable to financing the environmental abatement and demolition of structures on the Property and to financing other uses authorized by the Executive Director of the Urban Renewal Authority to support the activities of the Urban Renewal Authority of the City of Commerce City subject to the terms and conditions of this Agreement.
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact: $2,500,000
Funding Source: General Fund
Staff Recommendation: Pass Ordinance on First Reading
Suggested Motion: I move to introduce Ordinance 1918 by council as seated and approve the ordinance on first reading